A Holographic View on Matrix Model of Black Hole

We investigate a deformed matrix model proposed by Kazakov et.al. in relation to Witten's two-dimensional black hole. The existing conjectures assert the equivalence of the two by mapping each to a deformed c=1 theory called the sine-Liouville theory. We point out that the matrix theory in question may be naturally interpreted as a gauged quantum mechanics deformed by insertion of an exponentiated Wilson loop operator, which gives us more direct and holographic map between the two sides. The matrix model in the usual scaling limit must correspond to the bosonic SL(2,R)/U(1) theory in genus expansion but exact in \alpha'. We successfully test this by computing the Wilson loop expectation value and comparing it against the bulk computation. For the latter, we employ the \alpha'-exact geometry proposed by Dijkgraaf, Verlinde, and Verlinde, which was further advocated by Tseytlin. We close with comments on open problems.